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Kesoram Industries board nods to raise Rs2,500cr via various capital markets instruments

Kesoram said that this fundraising is primarily to retire the company’s existing debt and to bring down the cost of the borrowing.

November 22, 2021 10:36 IST | India Infoline News Service
Kesoram Industries board of directors have approved a fundraising plan of up to Rs2,500cr by way of various capital markets instruments. The board also nods first and final call under Rights Issue.

As per the regulatory filing, Kesoram board approved to raise Rs2,500cr by way of Equity, Bond, FCCB, ADR, GDR, Commercial Paper and/or other Debt Instruments and/or any other convertible, partly convertible and non-convertible securities as may be deemed fit including by way Further Issue, QIP, Private Placement and/or Preferential Allotment, any other permitted mode and/or by a combination.

The company will raise the said funds in one or more tranches.

Kesoram said that this fundraising is primarily to retire the company’s existing debt and to bring down the cost of the borrowing.

Further, the Board delegated all its power to the Fund Raising Committee of the Board (“FRC”) to take all necessary decisions on this fundraising plan, from time to time.

Under Rights Issue, the Kesoram board approves making of the first and final call of Rs25 per partly paid equity shares (including premium of Rs20 per share). The company has fixed December 2, 2021, as the record date to ascertain the holders of the partly paid-up equity shares to whom the first and final call notice will be sent.

Notably, the call payment period will be from December 21, 2021, to January 4, 2022.

At around 10.34 am, Kesoram was trading at Rs60.90  per piece down by 0.7% on Sensex.

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